- Trump’s WLFI plans to launch a dollar-pegged stablecoin after raising $14M.
- The project faces challenges, with only 4.7% of its $300M token sale target met.
- Trump opposes a US CBDC and vows to outlaw government-issued stablecoins.
Donald Trump’s World Liberty Financial (WLFI) is gearing up to enter the cryptocurrency market with plans to launch a stablecoin linked to the US dollar.
Fresh off raising $14 million in initial funding, the venture aims to capitalize on the growing demand for stablecoins, which serve as stable parking spots for traders in the volatile crypto landscape.
WLFI raised $14M and plans for a dollar-pegged stablecoin
While the WLFI team is still developing the stablecoin and establishing safety protocols, sources indicate that bringing the project to fruition may take some time.
However, should Trump regain the presidency, he would wield significant influence over the regulatory environment surrounding stablecoins, potentially reshaping the landscape for his own financial venture.
Alongside this initiative, Trump has articulated a broader financial vision that opposes a US central bank digital currency (CBDC), promising to outlaw any government-issued stablecoin if re-elected. This stance aligns with his commitment to preserving the tax cuts from his 2017 Tax Cuts and Jobs Act, which is set to expire in 2025.
Trump aims to maintain these tax reductions, cut corporate tax rates to 15%, and allow immediate deductions for equipment and research investments, all of which are designed to stimulate economic growth.
Despite the ambitious goals for WLFI, the project faces challenges in a competitive market. The initial $300 million token sale has seen limited success, with only $14.24 million in sales reported, representing just 4.7% of its public sale target.
The project’s website even experienced a crash during the token sale, reflecting the intense interest surrounding Trump’s foray into decentralized finance.
Trump Family’s Crypto Project World Liberty Financial Falls Short in Token Sale
The WLFI token sale launched on Oct. 15 but only reached 3.4% of its $300 million goal, with 687 million tokens sold after 14 hours.
The platform's website crashed after the sale launched, and… pic.twitter.com/GffCY87uYs
— Abhyudoy Das (@DasAbhyudoy) October 16, 2024
As WLF navigates the regulatory landscape and works towards launching its stablecoin, the implications of Trump’s political aspirations and financial strategies will undoubtedly play a pivotal role in shaping its future within the crypto industry.